Forward Air Corporation (FWRD) Earnings History
Net Loss33 years of earnings data (1993–2025) · Currently unprofitable on a TTM basis
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Forward Air Corporation (FWRD) Earnings Overview
As of November 8, 2026, Forward Air Corporation (FWRD) reported trailing twelve-month net income of -$286M, reflecting +88.3% year-over-year growth. The company earned $-8.81 per diluted share over the past four quarters, with a net profit margin of -4.3%.
Looking at the long-term picture, FWRD's historical earnings data spans multiple years. The company achieved its highest annual net income of $193M in fiscal 2022.
Forward Air Corporation is currently reporting a net loss, though operating performance should be evaluated in the context of growth investments and industry dynamics View revenue history →
Compared to peers including ARCB ($29M net income, 1.5% margin), SAIA ($283M net income, 7.9% margin), ODFL ($1.16B net income, 18.6% margin), FWRD has room to improve margins relative to the peer group. Compare FWRD vs ARCB →
FWRD Earnings vs Peers
Earnings metrics vs comparable public companies
FWRD Historical Earnings Data (1993–2025)
33 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | -$108M | +86.8% | $36M | $-3.48 | -4.3% | 1.5% |
| 2024 | -$817M | -588.2% | -$1.06B | $-29.66 | -33.0% | -43.0% |
| 2023 | $167M | -13.4% | $88M | $0.43 | 12.2% | 6.4% |
| 2022 | $193M | +82.5% | $248M | $7.14 | 11.5% | 14.7% |
| 2021 | $106M | +346.0% | $147M | $3.85 | 7.6% | 10.6% |
| 2020 | $24M | -72.8% | $74M | $0.84 | 1.9% | 5.8% |
| 2019 | $87M | -5.4% | $112M | $3.04 | 7.2% | 9.3% |
| 2018 | $92M | +5.4% | $122M | $3.15 | 7.0% | 9.2% |
| 2017 | $87M | +215.6% | $109M | $2.89 | 7.9% | 9.9% |
| 2016 | $28M | -50.2% | $60M | $0.90 | 2.8% | 6.1% |
| 2015 | $56M | -9.1% | $82M | $1.78 | 5.8% | 8.5% |
| 2014 | $61M | +12.3% | $96M | $1.96 | 7.8% | 12.3% |
| 2013 | $54M | +3.4% | $84M | $1.77 | 8.3% | 12.9% |
| 2012 | $53M | +11.6% | $84M | $1.78 | 9.0% | 14.3% |
| 2011 | $47M | +47.3% | $77M | $1.60 | 8.8% | 14.4% |
| 2010 | $32M | +222.1% | $54M | $1.10 | 6.6% | 11.1% |
| 2009 | $10M | -76.6% | $19M | $0.34 | 2.4% | 4.5% |
| 2008 | $43M | -5.3% | $70M | $1.47 | 9.0% | 14.8% |
| 2007 | $45M | -8.2% | $71M | $1.50 | 11.4% | 18.1% |
| 2006 | $49M | +8.9% | $75M | $1.55 | 13.9% | 21.4% |
| 2005 | $45M | +30.5% | $67M | $1.39 | 14.0% | 21.0% |
| 2004 | $34M | +33.3% | $54M | $1.05 | 12.2% | 19.0% |
| 2003 | $26M | +19.4% | $40M | $0.79 | 10.7% | 16.6% |
| 2002 | $22M | +8.7% | $33M | $0.65 | 9.6% | 14.5% |
| 2001 | $20M | -15.2% | $32M | $0.59 | 8.7% | 13.9% |
| 2000 | $23M | +46.2% | $37M | $0.70 | 10.9% | 17.4% |
| 1999 | $16M | +58.0% | $26M | $0.51 | 9.4% | 15.5% |
| 1998 | $10M | +18.2% | $16M | $0.35 | 7.8% | 12.3% |
| 1997 | $9M | +116.0% | $17M | $0.31 | 4.5% | 8.8% |
| 1996 | $4M | -11.6% | $9M | $0.15 | 2.5% | 5.9% |
| 1995 | $5M | +12.5% | $33M | $0.17 | 3.0% | 22.5% |
| 1994 | $4M | +81.8% | $30M | $0.15 | 3.0% | 22.1% |
| 1993 | $2M | - | $4M | $0.10 | 2.3% | 4.5% |
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Historical Returns
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Peer Comparison
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FWRD — Frequently Asked Questions
Quick answers to the most common questions about buying FWRD stock.
What is FWRD earnings per share (EPS)?
FWRD trailing twelve-month (TTM) diluted EPS is $-8.81, reflecting +88.3% year-over-year growth. The 5-year EPS CAGR is N/A. Complete EPS history from 1993 to 2025 is available in the table on this page.
What is Forward Air Corporation's net income?
Forward Air Corporation (FWRD) trailing twelve-month net income is $-286M as of 2025. Earnings grew +88.3% year-over-year.
Is FWRD profitable?
FWRD is not currently profitable on a TTM basis, reporting a net loss of $-286M. Net margin is -4.3%. Investors should monitor for a return to profitability.
What is FWRD's earnings growth rate?
FWRD compound annual EPS growth rates (CAGR): 1-Year: N/A, 3-Year: N/A, 5-Year: N/A, 10-Year: N/A. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1993 to 2025.
What are FWRD's profit margins?
Forward Air Corporation net profit margin is -4.3%, operating margin is +1.5%, and gross margin is +20.5%. Below-average margins reflect competitive or cost pressures. Return on Equity is -48.2%.
Is FWRD growing earnings?
Yes, FWRD earnings are accelerating — EPS growth of +88.3% exceeds the 5-year CAGR of N/A. TTM net income reached $-286M. Earnings momentum is strengthening.
What was FWRD's best earnings year?
Forward Air Corporation's highest annual net income on record is $193M, achieved in fiscal year 2022. Earnings history on this page spans 1993 to 2025 and includes all annual and quarterly figures.
What were FWRD's earnings last quarter?
FWRD's most recent reported quarter was Q2 2026. Net income was $-207M with diluted EPS of $-6.38. For a full breakdown of all quarters, see the quarterly earnings table on this page.